Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money?
English
By (author): R. Hannesson
Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for economic growth for fear of losing their electorate?
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